Mr. Speaker, what would you say about a major simplification of our federal and provincial legislation on personal income tax? Instead of continuing to increase the number of deductions, credits and tax breaks, there would be only one universal basic exemption, which would be considerably larger. This exemption would only vary on the basis of the number of children or dependants, age, health and possibly charitable donations.
The result of this operation, taxable income, would be taxed at a considerably lower uniform rate, which would be the same for all taxpayers without exception. This is called a single tax. Its time has come.